Charity Registration No. SC047617 (Scolland)
LERWICK BOATING CLUB SCIO
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
THE A? PARTNeR8HIP LIMITED
Chartèrnd Account•nts
47 Comm¢r¢lal Road
LeTh￿Ck
Sh8tland
ZE1 ONJ

LERWICK BOATING CLUB SCIO
CONTENTS
P•g•
Tru¥lees' annual report
Independent gxaminerf8 report
Slalement of financwl activllles
Balance sheet
Notes to the financial stslemenlg
8-20
The following pag08 do not fom part of the •tatutory fin*nei•l 8t•t•m•nt*
D¢tailed Statement of fina￿181 actlvrties
22-23

LERWICK BOATING CLUB SCIO
LEGAL AND ADMINISTRATIVE INFORMATION
Th￿te8$
Charlty numbor (S¢otl•ndl
SC047817
R•gl•t•r•d offlcg
12a Cornmerclal Street
Le￿￿<
Sheuand Isles
ZE1 OAN
Ind•p8ndent •x*mlnor
TheA9 Pather8hlp Limit•d
47 Commorcigl Road
Le￿5¢k
Shetland18188
ZEI ONJ

LERWICK BOATING CLUB SCIO
TRUSTEES. ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Irustses present their annual report and fin8nual statemer¢ls for Ihe year ended 31 December 2024.
The fi'nancial 5talern8nts have been prepared in accordance with the accounb'ng policias sel out in note 1 to the
financial statements and comply with the charity's Igoveming documentl, th8 Chari118s and Trustea Inveslmgnt
(Scollandl Act 2005. the Charflles Accounts (Scollandl Regulations 2006 {as am8nd8dl and Accounllng and
Reporting by Charities. Statement of Recomrnended Practice applicable lo charrties preparing Ih&ir accounts in
accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021" leffecbve 1 Janu8ry 2019}.
Obloctlve8 and a¢tlvllle8
The organisallon's objective8 are..
To promotè tho adv8ncement of public participation in the 8POrt of boating including instr￿tIon in sailing,
particularfy lor young people.
To 8LlPPOrt the advancement of thè seamanship heritsge of Lerwlck wf(h Ihg promotion of tho Shetland
Modd Sailing Boat as a raclng boat.
The provision of r&crealional facilities, or the organlsallon of ro¢reatsonal acllvllles with lh8 objert of
improving Ihg condilion8 of life for the persons for whom the facilllle8 or activities are primarily intended.
The Iruslees have paid due regard lo guidance Issued by OSCR in deodiNJ what 8clivilie8 the charty should
undertakè.
AGhlev8m•nts and pvrfomiance
In the last yeaf, the Club has conllnued operating as a SCIO wth the bar trading as a sep8r8le Llmlled Company.
The Club continues to offer a high st4ndard of facility lo both 116 members and visitor8, whilst also seeking to
improve facllltjes wherever possible through a maintenance and renewal programme, During thi$ finarKial year,
Iruslees have rgGelved grant funding to allow us to replace one of our guard boats. replace dinghy trailer. launching
Iroll•y8, sai18 and covgrs, aTrJ replace fl¢Joiing in the lower Iloor End stsirs of the club.
Thg Club conllnues to bongfil from high levels of volunteer support from our members. and the Club Beekj to help
our members by provldlng Iralning for the duli88 they ￿rry out wherever po88ibkg.
The Club has a close working relationship with Ihe Port Aulhorlty, provlding washlng and laundry facilitles for all
vi¥rting yach18 to the Harbour, wlh the Harbour assisting in our operation5 and regalias throughout the year.
The Club al80 maintains excellent connections to the boating community, both kjcally. nationally and internationally,
by hosllng saillng and rowlng regattas, as well as being host club and port lo renowned yachts races ga¢h year.
Fin8nclal revlew
Total Income in the year amounted to £70.61712023.. £46.5961. Of this £42,87712023.. £43,596) wa3 unre¥lriGted
and £27.740 {2023', £3,0(￿) was re8trict&d incom• and capital funding.
Total expenf1ilure Ihg year was £66,192 {2023'. £47,641) of whlckn É9,261 (2023.. £1,ODOI was restrfcled
expenditure resulting in an overall surplus for the year of £4,425 {2023.' deficil £1,045).
Closing reserves and net assets were £294,40212023.. £289,977) including £31.94312023". £23,173) cl which are
restricted income and capital funds.
The Irustegs have assessed the major rlsks lo which the chanly is exposed. and are satisfied that systems are in
pla¢e lo mrtigale exposure lo the major risks.

LERWICK BOATING CLUB SCIO
TRUSTEES, ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Reservgs pollcy
General funds are unreslrided ftjnds which are available for use al the dlscretion of the trustèès in furthèrance of
the general obiectlves of the charrty. which have not been designated for any other purpose.
Restricted fvnds are lunds which are to be used in accordano with ¥pe¢ifiG reslriclions imposed ty funders or
thich hav@ b88n raised by the charity for parh'cular purpos85. The co818 of raising and admini81erng suth funds
are tharg8d against the spec￿¢ fund.
Structur01 governance and management
The Gharity is a Scottish Charitable Incorporated Organisation. It Is controlled by way of ils c￿Stilution wh￿h
Sgrves as ils governlng document.
The Iruslees who served durin9 the yeer and up to the date of signglure of the ffinancia slalemenls were..
(Resigned 30 April 20241
None of the trustees has any beneflcl81 Inter851 in the organisalS0n.
The structure of the organisolk)n con818ts of..
The Members - who have the right lo attend members, meetings {induding any annual general meelingi
and have Important powers undèr thè constitution., In partleular, thé members appolnl people to serve on
the board and lake decislons on changes lo the conslbtution Itself.,
The Board - who hold regular meeting$, and generally control the aclivilles of the organisalion., for example,
the board is responsible for monitoring and controlling the financial position of the organi5al'on.
The peoplè serving on the board aro the charity trustee5. Thg rnaximum number of charity trustees is 15 and the
mlnimum number of charity trustees is 9.
A person will not be eligbble lor olectlon or appointment lo the board unl&85 hel¥he is a member of the org8nlsatlon.
A pgrson wlll nol be eligiblg for elecion or appointment lo thè btsard if helshe is..
disqualified from being a charity trustee under the Chariti&$ an¢J Truslge Inve8tmenl Iscotlandl Act 2tXI5',
an employee of the organisation, except for lh8 Commodore, Honorary Secretary Trèasurèr.

LERWICK BOATING CLUB SCIO
TRUSTEES'ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The re
ortwas
roved b the Board of Truste88.
Trusts•
29 April 2025

LERWICK BOATING CLUB SCIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LERWICK BOATING CLUB SCIO
I raport on the ffnancial statements of the Charity for Ihe year ended 31 De¢ember 2024, which are Set out on
page5 5 10 20.
R•8pectlve responslbllltl85 of trustsos and Oxamlngr
Th8 th2rily's trustees are résponsibl8 for the preparabon of Ihg financial statements in accordance with the terms
of the Charities and Trustee InVeSt￿entS {Scollandl Act 2005 and the Charrties Accounts Iscollandl Regulatsons
2006. The charity's Iiustees consider that the audit requirernent of Regulallon 1011 Ilal to Icl of the 2006 Accounts
Regulations do25 not apply. 11 is my responsibility lo examin8 the financial slalemanls as required under seclbn
4411}Icl of the Ad and lo stale Wheth￿ particular matters have come le my attention.
Basis of independont examinerfs ¥tat•ment
My examination is carried out in accordance with Regulation 11 01 the 20CKg Accounts Regulallons. An
examination includes a revlew of the accounting records kept by the charity and a comparison of the financial
818tèmentB presented with Ih08e records. rt also includes ￿n￿deration of any unusual items or disdosures in the
financial sta18rn8nts, and seeks explanations from the trustees concerning any such Matters. The proc*dur¢s
undertaken do not provide all the 8vid8nc8 that would be required In an audit ond consequently I do not express
audit oplnion on the view given by the flnanclal slaiemenls.
Independent oxamlnèfs statement
Your attentlon Is drawn to the fact that the charity has prepgred flnanci81 8talemenls in accorda￿ wlh
A￿OuntIng and reportlng by Charlues preparlng their accounts In accordance with Ihe Financial Repcwtlng
Standard applicable in the UK and Republic ol Ireland IFRS 1 D21 in pr8ference lo th& Accounllryj and Reportlng
by Charities.. Slalemenl of Recommended Practice isgued on 1 April 2005 which is referred lo in the extant
regUla￿On8 but has now teen withdrawn.
l understand that Ihls has been done In order for the fi'nanci81 slalernenls lo provide g true and fair view in
accordance Generally Accepted AcGounllng Practlce effectlve for reponing perlo¢Js boglnnino on or after 1
January 2015.
In the course of my examination, no natter has come to my attention..
lal which gives me reasonable causg lo belleve Ihal in any materlal raspect the requiremenl8'.
lil to k8ep accounting records In accord8rth wlltt se¢ik)n 44111181 of the 2005 Act and Regulation 4
the 2006 Accounts Regulallons, and
(ill to prepare fin8nclal 31alemenl8 which accord ￿th the accounting records and comply with Regulation
8 of the 2006 Accounts Regulations..
have not been mel or
Ibl lo which. in my oplnlon, attention should be drawn In order lo ena￿8 a propèr undarstanding of I
financial statements lo be reached.
The A9 Partnership Limilecl
47 Commercial Road
Lewck
Shglland16188
ZE1 ONJ
Dated.. .3.p.J.￿.￿.J IS

LERWICK BOATING CLUB SCIO
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Unro$trlct6d R￿ct•d Restrietod
lunds
fund5
lunds
neral
Capital
2024
2024
Totsl
Unrestrlct•d Restrlcted Rgstrlcted
funds
funds
funds
general
capltal
2023
2023
Total
2024
2024
2023
Not•s
2D23
Incom• and endowmgnls from:
Donations and legacies
charitab￿ aclivilEs
Other trading activities
Investments
Other income
8,992
18.748
32,466
9.660
890
24.751
2.850
4.812
15,978
3,￿0
9.660
890
24.751
7,872
15,978
848
21,958
21,958
Total Income and endovm*nts
42.8TI
8,9W2
18,748
70.617
43.596
3,000
46.596
Expendlture on:
Raising funds
859
589
589
Charilable aclivities
$6.072
9.261
65.333
45.982
1.0
46,982
Other
13
70
70
Total expenditure
56.931
9,261
66.192
46.641
1,OLMJ
47,641

LERWICK BOATING CLUB SCIO
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Unr•$trlcted Restrlcted Restrictsd
funds
funds
lunds
general
capital
2024
2024
Total
Unrestrleted Restrfcted Restricted
funds
fund8
capllal
2023
Totsl
g•neral
2023
2024
2024
2023
Note$
2023
Ngt loutyolng)fin¢omlng resour¢•s befor¢ transfers
114.0541
12691
18.748
4,425
{3.045)
2,￿0
11,0451
Gross transfèrs between fvnds
9.709
(2,2611
(7.4481
4,081
4,081)
N•1 movemenl in funds
{4.3451
12.5301
11,300
4.425
1,036
2,000
14.0811
11.0451
Fund balances al 1 January 2024
266.804
20.643
289.977
265,768
530
24.724
291,022
Fund balances al 31 Decembèr 2024
262,459
31,943
294,402
266,804
2.530
20,643
289,977
The stolement of financial activitigs indudes all gains an(J k)sses rects3nised in the year.
The statement of financial actNities indudes all gains and k)5ses recLW3nlsed n the year. Al In(xJme and expeThlituré derNe from contiwir4J aclNities.

LERWICK BOATING CLUB SCIO
BALANCE SHEET
ASAT 31 DECEMBER 2024
2024
2023
Flxed assets
Tangible assets
Inve8trnents
14
15
267.117
255,049
267,118
255.050
Current assets
SlcKk8
Debtors
CaBh al b4nk and in hand
16
17
748
17,381
13,707
151
15,672
22,439
31.836
38,262
Credltorn: amounts lalllng du• wtthln
on• y•ar
18
14,552)
13.3351
Net current 888els
27,284
34,927
Total •¥•ets loss currfrnt Ilabllltl••
294,402
289,977
Capltal funds
Restrlcled caplt81 fund8
19
31,943
20.643
31,943
20,643
Income fund8
Restrtclod fund8- ganeral
2,530
2,530
Unrestrfcted funé8
21
262,459
268.804
262,459
266,804
294,402
289,977
The finandal statements were approved by the Trustees on 29 Aprll 2025
Trusteg
Trustee

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting poltcles
Charlty information
Lerwick 8oaling Club is a Scottish Chgrilable Incorporated Organi381ion, incorporated in Scouand. The
registered Offi￿ Is Lerwick Boating Club, 12a Commercial Street, Lerwick, Shetland. ZE1 OAN.
Let￿ck BoatiryJ Club SCIO has g wholly Dwned subgidlary, Le￿ck Boating Club Limited. The aggregate
9fOSS income for the group is below th8 threshold for pieparing consolidated accounts. The exemption from
preparing consolidated accounts has been taken and these financial statements Iherefoie ale separate
Iln8ncial slalemenls for Lerwick Boalin9 Club SCIO.
1.1 Accountlng conventlon
The fin8ncial slalemenls h3ve been prepared in accordance with the ch8rily's conslllution, Ihe Charitles and
Trustee Inve8lm¢nl (Scollandl Act 2¢)05, the Charities Accounts (Scollandl Regulations 2008 la$ amended),
FRS 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. l FRS 102.1 and
th8 Charitses SORP Accounting and Reporting by Chari1188,' Statement of Reeomm8nd8d Practico appllcablè
lo charltle8 prep8ring their accounts in accordance wrth the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021" leffectiV8 1 January 20191. The chority is a Public Benefit Entity as defined
by FRS 102.
The charity has lakgn advan18g8 of th8 prDvlslons In the SORP for charllles not lo prepore o Sts1￿￿ent of
Cash Flows.
The financial statements are preparad in s1grfing, which is the hjnctional curr8ncy of the charity. Monet8ry
amounts In these financial slalements ar6 roundod to the ne8re8t £.
The financial statements have been prepared undor the hi#lori￿1 Gosl convonlion. The prlncipal accounting
policles adopted are Sel OLrt below.
1.2 Golng concgrn
At the lime of approving the financial slalements, the tru81ee8 have a reasonable expgctallon that the charity
has adequat8 resourc8s lo continue In operational exislenee for thé foreseeable future. Thus the InJslee$
continue 19 adopl the golng concern bosls of accounllng In prepartng the financi81 slalemenls.
1.3 Charbtsble funds
Unr8slricled funds are avallable lor use al the dl8CTètion of tho tru8tee8 In fiJrth6ranee of Ih&r ¢horilabl•
obleclives unless the funds have been deslgnaied for other purwses.
Restricted funds are subject lo speeifie Conditions by donors or grantors 0$ lo how they mgy be used. The
purposes and uses ol the restriet8d funds are sel out in the notès lo the financial statements.
1.4 Incom•
Income is recognised when the charity is legally enlided to it after any performance conditions have been met,
the amounts can be measured reliably, and11 is probable that income wll be received.
Cash donations are recognised on rec6iPt. Other donations are recognised once the chgrity ha5 been notified
of the donation, unless performance Conditions require deferral of the amount. Income lax recoverable in
relati￿ lo donations received under GIft￿￿ or d•ed$ of covènant18 recogniséd at the time of the donation.

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting pollcie$
Icontlnued)
1.6 Expondllure
All Expenditure is accountèd for on a accruals basis and is recognlsed once ihere Is a legal or wnstruclive
obligation lo pay for expènditure. il is probable that a setU8menl wlll ￿ requlrèd and the amount of Ihe
obligation ¢an be measured reliably. All costs are allocated betW8en the expènditure ￿tegorI&S of the
Slalemenl of Financial Aelivib"es on as basis lo reflect the use of the resource.
Charltable expenditure comprises those c0515 incurred by the charfty in the delivery of ils aclivllies and
$ervices for ils beneficiaries. Support costs are those functions that assist the work of the charity but do not
dlrectly undertake ¢harilable acJvilie8. These co¥ls include 31aff Go¥l¥, overhead and governancé co$t8.
1.6 T•nglbl• flx•d Isjots
Tangibl¢ fixed assets are inllially meaSu￿d at CO81 and subsequently measured at cost or valuation. nel of
depre¢iats'on and any impairment lossos.
Deprecialion is ￿¢0￿nISed so as lo wrlle off the cost or valuallon ol 8ssots18ss Ihelr resldu81 values over thair
U88ful live8 on the following bases..
Pier, clubhouse and boat store
Boa18 and equipment
No deprèciation charge
25% reducing balance
Ttte galn or loss arising on the disposal of an as$gt is determined as Ihg differencg be￿88n the 88le proceeds
and the Carry￿ng v?lue ¢f the asset, and Is reGogn15ed in the slalemenl of Ilnancial aclivibes.
No depreualion is charged on Pier. clubhouse and boat store as a result of esllmalitin$ ma¢Je by the Iru6te•6.
See note 2.
1.7 Flxed assot Investm8nts
Fixed asset investments are initially mea¥urgd al cost and S￿)88quentIY measured at cost less any
a¢cumuLaled Impalrmenl losses.
A subgidiary 58 an entity controlled by tha charity. Control 18 the power lo govem the financi818nd operatsng
polioes of the entity go as lo obtain b8nefil$ from ils activities.
1.8 Impalrment of flxed u•els
At each reporting end dale, the charity reviows tho carying amounts of its tsngible assets lo deterrnine
whether there is any indication that those as59ts havg suffered an Impairmonl 1088. If any such indulion
exi51s. the recoverable amount of the asset is eslirnaled in order to delerming the extgnt of the IM￿lfm•nI
loss lif any).
1.9 Stocks
Stocks are staled at the lower of eost arKI estimated selling pric8.
1.1D Ca$h and ca6h gqulval•nt8
Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liq￿d
Investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown
Ihln borrowings in c￿r￿n1 liabilities.

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Accounting polici•s
(Contlnu•d)
1.11 FlnancS81 instruments
The charity has elected lo apply the provisions of Section 11 'ea4c Flnancial Instrum8nls' and Section 12
'Olher Financial Instruments Issues, of FRS 102 to all of its financlal inslrumenls.
Flnanei81 inslrumenl$ are recognised in the Charity's balance 8h8el when tho charity becomes party lo the
ntraclual provislons of the inslrumeni.
Financial a88ets and liabilllies are offset, with the nel amounts presented In the fin8nd81 slalements, when
Ihgre is a legally enforce8ble dghl to set off the recognised amounts and there Is an inlenllon lo settle on a nel
basis or lo reali50 the asset and $•tUe the liability 81mullgneous1y.
8aslc Ilnanclal a88ets
Basic financial assets, whlch include dablers ?nd cash and bank balances, are initially measurèd at
tran88clion price including IransaGlion co818 and are subsequently carned at amorti¥ed cost U51ng Ihe effective
interest method unless thé arrangement conslilules a financing transaction, where the Iransactltsn i
measured al the present value ol the future receipts discounted al a market ral& of interest. Finanaal a56ètg
classlfied a¥ receivable wllhln one ye8r are not amortlsed.
B•slc flnanclal Ilabllltlos
B8slc fin8neiAI liabllllies, Including creditors end bank loans are initially recognised al transaction price unle8S
the ariangemgnl conslllules a Ilnancing transaction, wher8 the debt instrument is measured al the pre8enl
value of the future paymen15 di6counled al 8 market rale of Interest. Financlal Ilabilllle$ ¢lassllled as payable
within one year arg not amortised.
Oebt in8trument8 a18 subsequently carried al amortSsed cost. U8lng Ihg efleclive interest rale method.
Trade creditors are obligations lo pay for goods or servlce8 that have been acqulred in the ordlnary cours8 of
operations from 8upplier8. Amounts payable are classlfied 88 Gurrenl liabilities if payment Is due within one
year or less. If not, they gre presented 8s non-currenl lia￿li11a0. Trade creditor8 are rècognised initially al
transadicn pnce and sub59quently messur8d al amortl8ed co81 u81NJ th¢ affeth've Inlere8t method.
Dor•cognitlon of flnanclal liabllltlo8
Financial liabllltle8 are derecognl8ed when the charlly'8 contractual ¢Jbligallons ex￿re or 8re dlsch8rged or
cancelled.
Crlllcal aGcountlng vBlm4tes and Judgemtnts
In the apyi¢aiion of the charlly'$ ￿OUnting policies, the tru51ees are required to make judgements, estimates
and assumption5 oboul the carrying amount cf assets and liabilities that are not readily apparent fvom Dlher
sources. The eslimales and as50cialed assumptions org based on historical experience 8nd other factw that
eonsidered lo be relevant. Actual results may diffor from these estimates.
The eslimales and underlying assumption5 are reviewed on an ongoing basis. RewsMs to aecounting
esl'males are recognised in the period in which the esbmate 15 revised where the revison affects cnly that
period, or In the pertod of tho revision and future periods where the revision affec15 both current and fuiure
period8.
The trustees estimate that the rèsidual value of tho Pitsy, clubhouse and boat store Is in excess of carying
valuè las disclosed In note 141 and therefore no depreeiaiion has been charged.
10-

11 i-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Income Irom Gharitsble activities
Unr•strlcted Unrestrlcl8d
funds
funds
2024
2023
Incom& from charitable activities
9,660
15.978
Other tradlng actlvltles
2024
2023
0th8r Incoming Tesourcos
890
Inv••trn8nts
2024
2023
Donallon Irom subsldlary
24,751
21,958
other Income
Unrg8trltt•d Unrn8trlct•d
funds
fund*
2024
2023
Net gain on dlsposal of tangible fixed assets
2,850
Ral$lng fvnds
2024
2023
Fundral&ng andpubliclty
Other fundraising costs
859
589
859
589
12-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2024
Expèndlture on chafftable actlvltles
2024
2023
Dlrèet costs
Cost of actlviti8s and support costs
64.383
45,642
Sharn of Support Ind govemanc• co8ts1809 noto 101
Governance
950
1,340
65,333
46.982
Analysls by fund
Unrestricted funds
Restricted funds
50.072
9,261
45.982
1.000
65,333
46,982
10 Support CO8t•
Support Gov•rn•nG•
2024
2023
Independent examinotion fee
Accountancy
150
800
150
800
150
1,190
950
950
1,340
Analysed bets•￿en
Chantable aclivllles
950
950
1,340
11 Tru$tg•¥
None of the trustees (or any person8 connected with them) received any remuneration or benefits from the
charity during the year.
No olh¢r trustee expenBes were incurr8d or paid.
12 Employees
The average rnonthly number of employees during the year was..
2024
Number
2023
Number
Total
There were no employee8 wh03e annuol remuneration was more than £60,000.
13-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13 Other
2024
2023
N81 loss on disposal ol tangibl8 flxed a89et8
70
70
14 Tanglbl• flx•d a￿9ts
Pl•r.
Ttstsi
¢lubhou••
boat Storn
Cost
At 1 January 2024
Addltions
018PO8818
231,624
49,417
24,046
11501
281.041
24,048
11501
At 31 December 2024
231,624
73,313
304,937
D•prKlatlon and Impalrment
Al 1 January 2024
Dépreciation charged In the y￿r
25,990
11.830
25,990
11,830
At 31 December 2024
37,820
37,820
Carylng amount
At 31 Decèmber 2024
231,624
35,493
287,117
At 31 December 2023
231,624
23,425
255,049
14-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16 Flxod •8set Inv•stmfrnts
Other
Inv￿tmOrtts
Cost or valuatlon
At l January 2024 & 31 DÉeemb8r 2024
Carrylng amount
At 31 0ec•mb•r 2024
At 31 Decembor 2tr23
2024
2023
Oth8r Investments comprl88'.
Inve8tmenls In subyldl8ri81
24
18 Stocks
2024
2023
Goods for resalo
748
151
17 Debtorn
2024
2023
Amounts falllno due ￿thIn on• y••i:
Trade debtors
Amounts ow8d by sub8Sdlgry undertakSn98
Other debtors
Prepayments and accrued incom
157
8.143
1,821
5,551
8,893
4.747
3.741
17.381
15,672
18 Creditorn: amounts falllng due wlthin one year
2024
2023
Other toxalion and swal securty
Trade creditors
Accrual8 and deferred income
1,482
842
796
1.697
2,586
4,552
3,335
15-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 310ECEMBER 2024
19 Capltal funds
Movement In funds
InGomir
Resource•
re50urc88
exp8r5d•d
Balanc• at
1 J•nu)ry 2023
Tr•nBf•r•
8dlJnce at
1 January 2024
TraMfer5
8alance at
310Komb•r
2024
Blokarts
grants
Renewablo
Energy
Project grant
Dryer grant
Rescue boot
and updates
to dlnghla$
grants
Plco trolley8
and oarn
grant
1,832
14081
1,224
13061
918
20,842
2,250
(3,1111
15821
17,731
1.688
13,8331
14221
13,898
1,266
18,578
{2,6441
13,934
2,17D
1243)
1,927
24,724
14.0811
20,643
18,748
17,4481
31,943
The transfers be￿een funds include8 amortisation ol grants rec?Ived 8nd r6160sed for capllal expenditure
over the u8elul economlc lrfe of the assei$.
16-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20 Restrf¢t•d fund•
The restricted lurn1s of the thartty comprise the unexpen(*d balan￿S (rf donatKM)s a￿1 grants ￿ld on trust suL¥ecl lo specffic Condibor￿ by do￿rS as to how they may
be used.
Movement In funds
Movement In funds
Rtzources Balance at
Ineoming
ReBoure•s
exp•rMledl January 2024 f•¥ourc•#
expended
8alanc• at
1 January 2023 wvsowte
Tr8nBf•
Balan¢• at
2024
Loot for LÈThwick
LCC Rgcov6ry Fund
SIC First
Tesco Groundworks
Shetland Community Benefft Fund
she￿and 13lands CounGiI
101
269
160
101
269
160
11011
1269)
(1601
1.ofK)
2.000
11,OCIJ)
2.000
(2,0001
8.992
(8.992)
3.01)0
11,0001
8.992
(9.261)
{22611
The Loot for Lorw￿k )lJnd is for the purchase of fitness equiwnent
The LCC Recovery fund Is for the purchase of sailry equipment.
The SIC FirstAid fund for prov¥JivvJ FirstNtl trainitwJ.
The Teso) GrouThlworks fund is lor the purchase of Fokj shirts for rwng teams.
The Sheljand Communty Benefft fund and S￿d￿nd Islands Council is for the purchas6 of rescue Lx)at. trader, updale of dinghy equipment and replacement fioorlng.
17-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21 Unrnstrlet•d funds
The unrestriet8d funds of the charity comprise the unexpended balances of donations and grants whlch ar$
not subject lo specific conditions by donors and gronlors as to how they may be uyed. These Include
desvJnaled funds whlch have been set aside out of unrestricted fund$ by the Irusiees for specific purp05es.
Movement In fund•
In6oming
ourc•*
B•lanc• bt
1 January 2024
Trarol•r•
Bal•nc• at
31 O•c•mb•r
2024
•xp8nd•d
Copital assets
Unrestrfcted general fvnds
234,407
32.397
767
8,942
235,174
27,285
42,877
{56,9311
288,804
42.877
156,9311
9,709
282.469
The transfers befvleen lund8 include8 8mortisalion of grants roceSved 8nd ro1908ed for capltsl ¢xpendilure
over Ihe useful economlc life of the assets.
18-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEAhlBER 2024
22 An•ly¥i5 of nat assets funds
Unre5trictsd Restricted R￿trICtsd
funds
fund$
capllal
funds
2024
Totsl UNe8trict•d Re¥trl¢ted Restricted
funds
fvnds
capltal
funds
2023
Total
2024
2024
2023
2023
2023
Fund bala1￿￿$ al 31 December 21Y24 are
represented by..
Tangible assets
Investments
Current assetsllliabllities)
235,174
31.943
267.117
234.406
20,643
255,049
27.284
27284
32.397
2.530
34,927
262,459
31.943
294,402
266.804
2.530
20.643
289.977
19-

LERWICK BOATING CLUB SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23 Related party transactlons
Len￿ICk Boating Club SCIO own IQOOA of the share capitsl of Lerwick Boating Club Limited. At 31st December
2024 th&r8 was a loan from LeTh¥ick Boating Club SCIO lo Lerwick Bo?ting Club Limf(ed or £8,89312023.'
£8,143> No Interest is b8ing tharged on thi5 balance and no repaymenttgrms were in place 81 the year end.
During the year Le￿Ick Boallng Club SCIO rec8lved a donallon from Lerwlck BoalSng Club Llmlled of £24,751
{2023'. £21.958).
24 Subsldlarl
These Ilnanclal statements are sep8r8te charfty financial 8ts1emèntB for Lerwlck Boating Club.
Det8118 of the charity's subsldi8ries al 31 Decemb8r 2024 are 08 follows,,
Nam• of undortaklng
R•gl8t•f•d
offlce
N•tur• of bu•ln•8#
Class of
% Held
shartt h•ld Dlroct
L¢￿￿( Boallng Club
Llmll8d SC582936
ScoU8nd
Licen8ed club
Ordinary
8hare8
100
The aggregate ¢apital and reseThe8 and the resu￿ for th• year of subsidlarles excluded fro
con801idation w98 a8 follows..
N•m• of und•rtaklng
ProflVILN•l Capltal and
R6urvo8
Lerwick Boating Club
Llmil•d SC582936
(990)
25,309
-20-

LERWICK BOATING CLUB SCIO
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
T.h• followlng pag•¥ do not form part of the statutory flnanclal stalement• whlch are th• 8ubl•ct of th•
Ind•p•ndent oxamlnèr'$ roport.
21-

LERWICK BOATING CLUB SCIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
INCOMING RESOURCES
Donatlons and LegacSeB
UF Donations and gifts
RF Government grant income
RF Other general grants
4.726
8,992
4.812
2.000
1,000
32,466
7,812
Income from Charftabl6 Actlvltle•
Memberships
Showers and wgshing machine¥
Junior sail training income
Other income
4,112
2,755
4,459
2,834
1,273
7,412
2,128
9,860
15.978
0th8r Imcomlng R••ourco¥
Souvenir 8ales
Pool table incom
LaThvick Bogtlng Club Ltd donation
UF Galn on di8PO8al of tangible fixed a8SOts
788
104
24,751
2,850
758
90
21,958
28,491
22.806
TOTAL INCOMING RESOURCES
70,617
46,596

LERWICK BOATING CLUB SCIO
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
OUTGOING RESOURCES
C￿tfj of Raising Funds
Souvenlr purchases adlusled lor st￿k
859
589
859
589
Charltsblo Expendltur•
Rent
er rate8
H8818nd light
Repairs and malntenanco
In$urgn
Sailing and regatta expèn8e6
Telephone
Cleaning
Adveruslng and stsllonery
Sunthy expenses
Entertainmenls
Catering exper￿8$
Bank charges
Subscriptions and Ilcen¢o8
Depreciats'on
SYRA Prizeglvlng expen883
Legal & professional fees
Independènt examln8tion and accounts preparation fees
Salling 8nd regatta expen8e$- restricted
Premise8 cosI8- restricted
91
542
8.961
5,580
8,635
12,059
751
4,320
975
615
1.480
257
1,341
5,922
1.039
5.847
11,601
632
4,883
912
200
1,370
1,464
78
869
7,809
587
680
11,830
366
950
4.394
4.867
1,340
1,000
85,333
48,982
Oth•r Expondltur•
UF Lo88 on dlsposal of tangible ffixed 88sels
70
70
TOTAL OUTGOING RESOURCES
66,192
47.641
NET MOVEMENT IN FUNDS
4,425
1,045
-23-